BVP Bioscience Vct

Seneca Growth Capital VCT Plc (the "Company")

7 December 2022

Ordinary Share NAV Update and Ordinary Share Dividend Declaration

Since the Company’s September 2022 quarter-end, the Board has reviewed the carrying value of both the Ordinary share pool investments and the B share pool investments, resulting in an uplift in the Ordinary share pool Net Asset Value (“NAV”) and the declaration of an Interim Capital Dividend on Ordinary Shares.

Ordinary Share Net Asset Value

As at 5 December 2022, the unaudited NAV for an Ordinary share was 40p per share. This is an increase of 13p from the previously published unaudited NAV of 27p as at 30 September 2022 and is due to a significant increase in the share price of the Ordinary share pool’s largest quoted investment by value, Scancell Holdings Plc (“Scancell”), net of the associated performance fee accrual and running costs. AIM quoted investments made up 85% of the Ordinary share pool’s NAV as at 30 September 2022. The Ordinary share pool’s NAV fluctuates largely in line with the movement in its two AIM quoted investments. The share price of the Ordinary share pool’s other quoted investment, Arecor Therapeutics Plc, has remained relatively flat since 30 September 2022 at 240p per share as at 5 December 2022.

Scancell announced in October a licensing agreement with Genmab, an international biotechnology company, to develop and commercialise a Scancell investigational anti-glycan monoclonal antibody into novel therapeutic products. Under the agreement, Scancell is to receive an upfront payment as well as potential milestone payments of up to $208 million for each product developed and commercialised, up to a maximum of $624 million if Genmab develops and commercialises products across all defined modalities. Scancell will also receive royalties from Genmab on net sales of all commercialised products. In the same month, Scancell announced its first-in-human clinical trial, Modi-1 (ModiFY), had progressed successfully through cohort 1 and 2 and that the trial will progress onto cohort 3 safety testing. In November, the company announced a licensing agreement with Vaccitech plc to use their SNAPvax™ technology to formulate and manufacture its Modi-2 product. As a result of these developments, Scancell’s share price has increased from 12p as at 30 September 2022 to 23p as at 5 December 2022, representing a 92% increase.

We are pleased that the market is recognising the continuing developments at Scancell and have taken the opportunity to realise a further modest portion of our holding by selling 500,000 shares at 25p per Scancell share. Our remaining holding is 10.5 million shares and we continue to monitor the progress of Scancell closely.

The Directors also reviewed the unquoted investments held in the portfolio and concluded that all valuations remain unchanged. Whilst there has been no impact on the Ordinary share unquoted investment valuations, on 23 November 2022, the Company was informed that the Ordinary share pool unquoted investment OR Productivity Limited, currently held at £nil value, was placed into administration.

Ordinary Share Dividend Declaration

Following our realisation of Scancell shares, the Directors of the Company are pleased to declare an interim capital dividend of 2 pence per Ordinary share for the year to 31 December 2022, to be paid on 23 December 2022.

The ex-dividend date is 15 December 2022.

The record date for the dividend is 16 December 2022.

B Share Net Asset Value

The Board has also reviewed the carrying value of all B share pool investments as at 5 December 2022. As the value of those investments has not changed materially from the values as at 30 September 2022, the Board has not issued a revised NAV per B share (the unaudited NAV per B share as at 30 September 2022 was 82.6p per B share).

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this information is now considered to be in the public domain.

For further information, please contact:

John Hustler, Seneca Growth Capital VCT Plc at john.hustler@btconnect.com

Richard Manley, Seneca Growth Capital VCT Plc at Richard.Manley@senecapartners.co.uk

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